Bittium (BITTI) Q2 2026 earnings summary

Executive summary

• Net sales for H1 2026 increased 37.2% year-over-year to EUR 57.9 million, with Q2 up 60.1%, driven mainly by Defence & Security segment growth and aligned with long-term strategic goals.

• Defence & Security was the main growth driver, with 67.8% growth in H1, record order backlog, major customer wins, and new product launches; Medical turned profitable, while Engineering Services began a turnaround.

• Record order intake and backlog, strong operating cash flow, and increased cash and liquid assets provide a robust platform for future growth.

• Significant investments in R&D, process development, and scaling operations supported growth and future readiness.

• Strategic focus on international growth, technology leadership, and expanding Defence & Security offerings.

Financial highlights

• Q2 2026 net sales: EUR 36.6 million (up 60.1%), EBITDA: EUR 10.1 million (27.5% margin), operating profit: EUR 8.1 million (22.2% margin).

• H1 2026 net sales: EUR 57.9 million (up 37.2%), EBITDA: EUR 12.9 million (22.3% margin), operating profit: EUR 9.6 million (16.6% margin), net result: EUR 7.5 million.

• Operating cash flow for H1 2026: EUR 36.9 million; cash and liquid assets: EUR 46.5 million.

• Order intake doubled to EUR 81 million; order backlog reached EUR 102.2 million.

• Dividend of EUR 0.30/share (ordinary + additional) declared and paid.

Outlook and guidance

• Full-year 2026 sales guidance: EUR 140–155 million; operating profit expected at EUR 26–32 million.

• Net sales and operating profit expected to be weighted toward H2 2026; timing may be influenced by large orders.

• Confidence remains high to meet guidance, with expectations for a stronger second half.

• Defence megatrend and increased European defence budgets seen as structural tailwinds.